Wed.May 02, 2018

article thumbnail

Cash is not a good payment system … which is why we will get rid of it

Chris Skinner

I was recently interviewed by the highly innovative German bank Wirecard the other day, for their blog. They kindly said I replicate it on the Finanser, so here you go … Chris Skinner in Interview: “Cash Is Not a Good Payment System – We Need to Get Rid of It, … The post Cash is not a good payment system … which is why we will get rid of it appeared first on Chris Skinner's blog.

System 289
article thumbnail

Banks Wake Up to Digital Mortgages

Bank Innovation

Digital mortgages will be a major trend for banks in 2018. In the first quarter alone, Bank of America and SunTrust Banks both unveiled their digital mortgage platforms, with SunTrust being the most recent. “If you look at the housing industry, it has always been a slow adopter of change back to the days of Frannie […].

America 231
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Challenging DBS: how do you measure digital innovation?

Chris Skinner

My friend Emmanuel Daniel, founder and Chairman of The Asian Banker, ran an interesting video dialogue recently, in a near hour long interview with Chng Sok Hui, chief financial officer of DBS. The whole video, audio and transcript of the interview can be found over here, but I liked this … The post Challenging DBS: how do you measure digital innovation?

article thumbnail

Square’s Cashback Program Could Bring Its Merchants Closer to Square Cash Cardholders

Bank Innovation

Square launched a rewards program for its Cash card yesterday called Cash Boost. Around noon Eastern time the company tweeted it would begin rolling the service out. By 5 PM it announced it had rolled out the service to 100% of its customers. This update, assuming it happened during that timespan, did not require an […].

Cards 218
article thumbnail

Digital Transformation: Accelerating ROI and Growth in Commercial Lending

Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

article thumbnail

Things worth reading: 3rd May 2018

Chris Skinner

Things we’re reading today include … Major Investment Bank Predicts Cryptocurrency Market “Wipe Out” British banking leverage remains ‘dangerously high’ Elderly couple face losing home as interest-only loan crisis bites TSB boss grilled by MPs TSB’s Paul Pester hits series of wrong notes in front of MPs | Nils Pratley … The post Things worth reading: 3rd May 2018 appeared first on Chris Skinner's blog.

More Trending

article thumbnail

The Interoperability-Integration Debate: Where APIs Fit

PYMNTS

New technology and solutions powered by APIs are hitting the financial services market every day, brought on by new innovations or industry regulations. But introducing tech to stay compliant with new regulations and expecting easy adoption in a competitive space is a steep hill to climb – one made even tougher by outdated or legacy technology and IT infrastructure. .

article thumbnail

Security Remains a Top Concern for Banks Looking to Innovate in Payments

Bank Innovation

Security and fraud risk remain the top priority for retail banks seeking to update their payments infrastructure, a study released this week by ACI WorldWide and Ovum found. The security and privacy of consumer data have remained top concerns for financial service as technology companies like Facebook and Google come under fire for potential misuse […].

Security 150
article thumbnail

Oh, Baby: The Sharing Economy Comes To Childcare Equipment

PYMNTS

Millennials love to share. Ridesharing, home-sharing, bike-sharing — you name it, they probably share it. They are proportionally comfortable using gig economy services that provide these things, with about a third of millennials working some sort of gig position themselves. This generation also loves to travel, and many delay starting families (or forego it altogether) to continue exploring the world or otherwise pursue self-fulfillment.

article thumbnail

What exactly do we mean by behavior? And why should it be analyzed?

Bobsguide

There is an old quote which says that "past performance is not an indication of future outcomes" Modern day trading is no exception. The fact is while the market may surprise the trader - which is incidentally why monitoring moved from t+1 or more, to real-time - it shouldn't be a.

article thumbnail

The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

article thumbnail

Synchrony Amazon.com Store Card Holders Can Now Check Balances Via Voice

PYMNTS

Synchrony , the financial services company, announced news on Wednesday (May 2) that customers can now use voice commands to manage their Amazon.com Store Card. In a press release , Synchrony said it is making this happen via a new skill for Alexa, dubbed the Store Card skill. Via voice commands, cardholders can check their account information, review recent purchases and charges, get payment details and even pay their bill.

Cards 134
article thumbnail

With lots of tech choices, transit systems can't cling to old school ticketing

Payments Source

Transport players are faced with several opportunities to meet both the rising expectations of end-users and tap in to new revenue streams. The time to innovate is undoubtedly now, writes Myung-Hwa Calais, transport market director at FIME.

System 65
article thumbnail

Pitney Bowes Renews Partnership With eBay

PYMNTS

Extending its multiyear collaboration, Pitney Bowes has announced a renewal of its partnership with eBay. The partnership, which has been in place since 2012, focuses on providing a way for eBay sellers in the U.S. to “sell internationally and ship domestically” through eBay’s Global Shipping Program (GSP), Pitney Bowes said in an announcement. Through the program, U.S.

Online 124
article thumbnail

The cloud is the POS software host with the most

Payments Source

Cloud-based software has replaced bulky, expensive and almost obsolete servers, which allows SMBs to keep costs lower while getting access to more functionality, writes Rush Taggart, Chief Technology Officer for CardConnect.

article thumbnail

Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

article thumbnail

BMW, Ford, GM Join New Blockchain Consortium Focused On Transportation

PYMNTS

MOBI , the Mobility Open Blockchain Initiative, debuted on Wednesday (May 2) to explore blockchain for use in transportation. In a press release , the group, which includes BMW, Bosch, Ford, General Motors, Groupe Renault, ZF, Aioi Nissay Dowa Insurance Services USA and others, will focus on using blockchain to make transportation safer, more affordable and more accessible.

article thumbnail

Why is cash still so popular, even though card payments are rising?

NCR

Steady growth in card payments has been one of the strongest trends in the global financial services industry in recent decades. It’s something we have seen in many markets around the world. In the US , for example, the number of people who used any credit card over a three-month period increased from 171.9 million in spring 2008 to more than 201.4 million in spring 2017.

Cards 73
article thumbnail

Blockchain Moves From POC Into Pilots And Beta Tests

PYMNTS

Blockchain applications may still be a ways away from real-world proliferation, but the technology is certainly beginning to take steps from proof-of-concept phase into beta and pilot testing. This week’s Blockchain Tracker takes a look at some of the latest initiatives to make progress and inch closer to a real-world launch. IBM. IBM is no stranger to blockchain, and the technology conglomerate has several distributed ledger projects in the works.

article thumbnail

How Barclaycard profits from Uber's app-based business model

Payments Source

Barclaycard is one of the top five cobranded card issuers in the U.S., but because the bank has no branch network it must use unconventional marketing approaches — and unique technological innovations — to win customers.

Cards 63
article thumbnail

Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

article thumbnail

Apple Pay Coming Soon To Poland, Norway, Ukraine

PYMNTS

Apple is in expansion mode when it comes to Apple Pay, with the digital payment service arriving in three new countries. According to news from 9to5Mac , during a conference call to discuss fiscal second-quarter results with Wall Street on Tuesday (May 1), Apple Chief Executive Tim Cook confirmed Apple Pay will make its debut in Norway, Poland, and the Ukraine in the next several months.

Apple 115
article thumbnail

SEC freeze of blockchain-linked funds backed by federal judge

Payments Source

A federal judge ruled three business associates of a financial technology company are likely to lose at a trial over government accusations that they sold unregistered stock in the firm after a rally linked to cryptocurrency.

article thumbnail

Commonwealth Bank Of Australia Admits 2016 Customer Data Loss

PYMNTS

Commonwealth Bank of Australia has lost track of some 20 million customer statements scheduled for destruction two years ago — records that contain personal details but no passwords or PINs. The records were stored on two magnetic tapes used to print bank records, the financial institution said this week when announcing the incident. Those tapes were supposed to be destroyed in May 2016.

Data 115
article thumbnail

Amazon trying to keep Flipkart out of Walmart's hands with counteroffer

Payments Source

Amazon is trying to acquire Indian e-commerce giant Flipkart, in part to gain control over that country's e-commerce market and in part to make sure Walmart doesn't get hold of the company.

article thumbnail

Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.

article thumbnail

Bank Of England Consolidates Bacs, Faster Payments

PYMNTS

Two U.K. payment systems have been merged into one by the Bank of England in an effort to boost competition in the financial services space, according to City A.M. reports on Tuesday (May 1). Bacs and Faster Payments are now consolidated under the New Payment System Operator (NPSO), the publication reported, as Britain aims to make payments processing easier and more affordable for companies.

Payments 109
article thumbnail

5.02.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: U.K. cryptocurrency firms ask for more regs; Circle boosts its security; Philadelphia adds transit payments tech; Lots of Americans use cards just for the loyalty points.

article thumbnail

Prime Members To Get New Perks For Shopping At Whole Foods

PYMNTS

Amazon is gearing up to offer its Prime members new benefits centered around Whole Foods — including discounts on food items. CNBC, citing sources, reported that the new benefits are aimed at bringing Prime more into the fold when it comes to groceries and giving its vendors, which tend to be niche and small players, access to Amazon’s shoppers. The report noted that around 75 percent of Whole Food shoppers are Amazon Prime customers but under 20 percent of Amazon Prime members shop at Whole Foo

Branding 107
article thumbnail

Bill.com revs up expansion plan by adding two senior leaders

Payments Source

Fresh off landing JPMorgan Chase as a client, the digital payments firm is counting on tech veterans Yael Zheng and Vinay Pai to help accelerate its growth through additional partnerships with banks and accounting firms.

article thumbnail

2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.